What is pawn?
A pawn loan is a pledge of a tangible item or asset as collateral to secure the loan. For example, you give us a gold chain to hold while the loan is outstanding. When the loan is repaid, you get the chain back.
Why should someone go to a pawn shop to get a loan?
For fast, convenient, easy cash, with no credit check, no credit report involved. A pawn transaction is a fully non-recourse loan with no aftereffect if the client chooses to not reclaim his or her goods. With pawn, unlike other types of lending, done is done.
How does it work?
In Hawaii, an item is presented for a loan, the broker assesses what he or she could lend on the item and presents a tendered offer to the client. If the client accepts, he or she will then be obligated to return the amount pledged plus a small convenience fee in order to reclaim his or her goods.
What do you accept as collateral?
Our rule of thumb is that as long as it doesn't eat or have a motor, we are interested.
How much can I borrow?
In excess of $100,000.
How much does it cost?
Convenience fees range from 1% to 20% per month. 20% is usual for smaller loans.
How long does it take?
5 - 15 minutes in most cases.
Do most customers lose their merchandise?
Statistics in the United States indicate that about 70% of all loans created are renewed or redeemed.
Do you also buy stuff?
Yes. We'll buy anything that doesn't eat.
Does pawn affect my credit rating?
Pawn is a full non-recourse loan and only affects the client history at the store itself. Credit rating agencies won’t know about your pawn transactions. We don’t tell.
What else besides the item do I need to bring in with me to get a loan?
A government-issued ID. You must be at least 18 years of age.
What if I lose my pawn ticket?
Come in with your ID, sign an affidavit and we'll resolve it.
How do I know that merchandise that I purchase at a pawnshop isn't stolen?
All items are cross checked across national and local databases and with law enforcement. The items that have cleared the hold period are all considered to be free and clear of any encumbrances.
Can I return the merchandise?
Can I buy back my item after you've foreclosed and haven't yet sold it?